Smokeball Billing includes the option to add Interest on past due invoices. Interest is set on a matter by matter basis.
Once interest is set up, it will apply to all invoices going forward. Interest can also be activated later in the billing process and applied to invoices with past due balances.
This article walks through everything you need to know about enabling Interest for clients.
- Set up Interest by selecting the pencil to edit the Matter in Smokeball Billing. Scroll down to Late Payment Details.
- Late Payment Details: Select and enter you interest percentage. Interest is calculated on daily on a per annum basis.
- Grace Period - If you do not select a grace period, interest will start to accrue and be charged the day after the due date on the invoice.
- If a Grace Period is selected, enter the amount of days and additional options will appear.
- Calculate Interest From - If you select Invoice Due Date, interest will start to calculate from the day after the invoice due date after the grace period.
- If you select After Grace Period, interest will start to calculate the day after the grace period.
- If you are activated interest for a client with past due balances, you will receive an additional message to apply interest to existing past due balances.
- Interest will show on prior balances on an invoice in multiple places on your invoice:
- Totals table after time and expenses.
- Prior Balances and Invoice Summary
- When looking at a finalized invoice, you can see the amount of interest an invoice has accrued from the table on the right:
- You can add a custom message to matters that charge interest.
- Scroll down in Invoice Settings to add a message.
Did You Know
- You can waive the remaining balance of an invoice including interest by clicking the waive button while viewing a final invoice.